Updated Thursday, May 22, 2008 0:00 am TWN, AFP

Brazil land prices rise on food, biofuel demand

RIO DE JANEIRO -- Soaring demand for food and biofuel has pushed the price of farmable land in Brazil to a record high, according to a study released Tuesday. The average price for a hectare has risen more than 16 percent over the past year to 4,135 reals (US$2,500) (one acre is worth 1,674 reals, or US$1,000), according to AgraFNP, the Brazilian subsidiary of British group Agra Informa.

Since 2005, the price of such land has increased 35 percent. The last time Brazil saw a comparable spike in land prices was in early 2004, when climbing soya prices sparked a property grab.

 

 

 

 

 

 

 

 

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